XRX pushes through Wednesday's high
Xerox Corporation (XRX) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, XRX finished Thursday at 19.67 gaining $1.05 (5.64%), underperforming the S&P 500 (6.24%). Closing above Wednesday's high at 19.65, the stock confirmed its breakout through the prior session high after trading up to $0.87 above it intraday.
Daily Candlestick Chart (XRX as at Mar 26, 2020):
Thursday's trading range has been $1.75 (9.18%), that's below the last trading month's daily average range of $2.49. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for XRX.
Prices are trading close to the key technical support level at 18.52 (S1).
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Xerox. Out of 149 times, XRX closed higher 51.01% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 51.01% with an average market move of 0.76%.